PT-USDat Max APY Yield Strategy

PT-USDat is a Pendle Principal Token on USDat, Saturn's stablecoin backed 100% by digital credit (STRC). It represents a fixed-yield position on digital credit dividends, maturing 27 Aug 2026.

How the strategy works

This is a max-APY yield loop: PT-USDat is supplied as collateral and AUSD is borrowed against it on Morpho, then recycled back into PT-USDat to multiply the underlying Digital Credit yield. Because the two assets are price-correlated, the position targets amplified yield rather than directional price exposure.

Strategy details

Collateral asset

PT USDat 27AUG2026 (PT-USDat)

Borrowed asset

AUSD

Issuer

Saturn

Yield source

Digital Credit

Underlying

USDat

Category

stable-PT

Network

Ethereum

Protocol

Morpho

Live metrics

Collateral APY

6.36%

Net borrow APY

3.89%

Max leverage

11.4x

Default leverage

10.5x → 29.83% APY

Leverage ladder

1x 6.36% · 2x 8.83% · 3x 11.30% · 4x 13.77% · 5x 16.24% · 6x 18.71% · 7x 21.18% · 8x 23.65% · 9x 26.12% · 10x 28.59% · 11x 31.06% · 11.4x(max) 32.05%

Oracle type

market

Exit slippage

$100k 0.00% · $500k 0.02% · $1M 0.04% · $5M 5.76% · $10M 52.15%

as-of 2026-08-14T07:18:50.132Z — live snapshot. Live data (source of truth): https://api.spiralstake.xyz/v1/strategies?chainId=1

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